Atlanta’s Housing Market is Officially Unaffordable

Your AM Rundown: Plus, the Hawks pay homage to the Black men who integrated the city’s fire department.

6:00 AM EDT on Apr 4, 2022

"Atlanta's Atlantic Station development in Midtown, with newly built urban rowhouses with tall office buildings in the background. An example of urban living as in living very close or within walking distance of work, as well as a picture illustrating real estate in general."

Top of the morning! It’s 404 Day, y’all. Forever will we love Atlanta here at Capital B and we hope you do, too!

Here is Your AM Rundown, with news updates in 400 words or less. Get caught up on headlines and other developments you might’ve missed.

Here’s what to know for today:

Atlanta is officially unaffordable. According to a report by the Federal Reserve Bank of Atlanta, owning a home in the city and metro area could mean spending 30.8% of your pre-tax income. The Department of Housing and Urban Development considers a market unaffordable when people pay more than 30% of their income on housing costs. The most unaffordable metro counties include Fulton, DeKalb, Gwinnett, and Newton.

The Atlanta BeltLine wants to give Black entrepreneurs more opportunities. The BeltLine is partnering with the Village Market to bring six Black-owned businesses to the trail. The partnership received a $750,000 grant from the Kendeda Fund in an effort to support ABI’s pilot program to promote small businesses. Interested businesses can submit applications for one of the storefronts here.

State senators are looking to lower Georgia’s income tax rate from 5.75% to 4.99% over the next couple of years. The Senate passed a revised version of House Bill 1437, which originally called for an immediate decrease to 5.25%. In the new version, the lower rate would go into effect in 2024.

Forest Cove residents now have a date for relocation. City officials say they’ve reached an agreement with the southeast Atlanta complex’s property manager, Ohio-based Millennia Companies, to relocate all residents by July 15. The city is paying the upfront relocation costs for residents, and Millennia will reimburse the costs once the company closes a deal for restoration, sale, or rebuild of the dilapidated property.

ICYMI: The Atlanta Hawks unveiled a new mural and basketball goal to honor the 16 Black men who helped integrate the Atlanta Fire Rescue Department 59 years ago. The group, who were assigned to Station 16 in Washington Park in 1963, were the first Black men to ever work in the department.
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